Freeport-McMoran Stock Forecast
Red day on Thursday for Freeport-McMoran
(Updated on May 02, 2024)
The Freeport-McMoran stock price fell by -2.26% on the last day (Thursday, 2nd May 2024) from $49.91 to $48.78. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 2.43% from a day low at $48.22 to a day high of $49.39. The price has fallen in 6 of the last 10 days and is down by -2.75% for this period. Volume has increased on the last day by 6 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 24 million shares were bought and sold for approximately $1.18 billion.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $48.06 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 44.09% during the next 3 months and, with a 90% probability hold a price between $69.26 and $76.67 at the end of this 3-month period.
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FCX Signals & Forecast
A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -6.93%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. Some positive signals were issued as well, and these may have some influence on the near short-term development. The Freeport-McMoran stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $49.88. On a fall, the stock will find some support from the long-term average at approximately $48.25. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal.
Support, Risk & Stop-loss for Freeport-McMoran stock
On the downside, the stock finds support just below today's level from accumulated volume at $46.01 and $44.61. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Freeport-McMoran finds support just below today's level at $46.01. If this is broken, then the next support from accumulated volume will be at $44.61 and $43.41.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.17 (2.43%) between high and low. For the last week, the stock has had daily average volatility of 2.99%.
Our recommended stop-loss: $46.31 (-5.06%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (FCX) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Freeport-McMoran Inc to open at $48.80, and during the day (based on 14 day Average True Range), to move between $47.13 and $50.43, which gives a possible trading interval of +/-$1.65 (+/-3.39%) up or down from last closing price. If Freeport-McMoran Inc takes out the full calculated possible swing range there will be an estimated 6.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $49.18 (0.82%) than the support at $46.01 (5.68%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Freeport-McMoran Inc stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
Current score: 1.834 Buy Candidate Unchanged
Predicted Opening Price for Freeport-McMoran Inc of Friday, May 3, 2024
Fair opening price May 3, 2024 | Current price |
---|---|
$48.80 ( 0.0342%) | $48.78 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FCX
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 49.97 | 2.43 % | |
R2 | 49.52 | 1.52 % | ||
R1 | 49.24 | 0.95 % | ||
Current price: | 48.78 | |||
Support | S1 | 48.35 | -0.88 % | |
S2 | 48.07 | -1.45 % | ||
S3 | 47.63 | -2.36 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 49.61 | 1.70 % | |
R2 | 49.47 | 1.41 % | ||
R1 | 49.18 | 0.82 % | ||
Current price | 48.78 | |||
Support | S1 | 46.01 | -5.68% | |
S2 | 44.61 | -8.55% | ||
S3 | 43.41 | -11.01% |
FCX Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 12, 2024 | Apr 12, 2024 | May 01, 2024 | $0.150 | 0.301% |
2 | Dec 20, 2023 | Jan 11, 2024 | Feb 01, 2024 | $0.0750 | 0.187% |
3 | Sep 20, 2023 | Oct 12, 2023 | Nov 01, 2023 | $0.150 | 0.445% |
4 | Jun 21, 2023 | Jul 13, 2023 | Aug 01, 2023 | $0.150 | 0.343% |
5 | Mar 22, 2023 | Apr 13, 2023 | May 01, 2023 | $0.150 | 0.399% |
FAQ
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